EPFO members can apply for higher pension till May 3
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Employees’ Provident Fund Organization (EPFO) members will be able to apply jointly with their employers till May 3, 2023, opting for higher pension. They will have to apply for this on the Integrated Member Portal of the Retirement Fund. Earlier it was believed that March 3, 2023 was the last date for opting for higher pension. The recently activated URL on EPFO’s Unified Member Portal clearly shows that the last date for opting for higher pension is May 3, 2023.
Members have four months to opt for higher pension
Earlier, the Supreme Court had said in its order on November 4, 2022 that EPFO will have to give four months time to all eligible members to opt for higher pension. This four-month period is ending on March 3, 2023. This gave the impression that its deadline is March 3, 2023.
Can apply for higher pension jointly
Last week EPFO released the details of its process. It was told that the subscribers and their employers can jointly apply for higher pension under the Employees’ Pension Scheme (EPS).
Permission to contribute 8.33 percent of salary to EPS
In November 2022, the Supreme Court upheld the Employees’ Pension (Amendment) Scheme, 2014. Earlier, the EPS revision of August 22, 2014 increased the pensionable salary limit from Rs.6,500 per month to Rs.15,000 per month. Also, members and their employers were allowed to contribute 8.33 per cent of their actual salary to the EPS. EPFO has issued a circular in this regard to its field offices.
This was said by EPFO
EPFO had said that such a facility will be provided so that URL (Unique Resource Location) information will be given soon. After this, the Regional PF Commissioner will put a proper notice and banner on the notice board so that it can be informed publicly. Under this, each application will be registered and recorded digitally and will be given a receipt number. The in-charge of the Regional Provident Fund Office will review each joint option case. After this the applicant will be informed about the decision by e-mail/post and later through SMS.
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